Advancing at the double

The multilateral trading system plays a pivotal role in regulating international trade and fostering global economic stability.

- By GERT GROBLER

Over the decades, it has facilitated a significant expansion in global trade, contributing to economic growth in many parts of the world. However, in recent years, the efficacy and inclusiveness of this system have been increasingly questioned — especially concerning its role in supporting the development aspirations of countries in the Global South. Fortunately, development cooperation, particularly among developing nations in the Global South has emerged as a corrective mechanism for addressing the inequalities embedded in the global trade architecture.

The growing promotion of development cooperation in the Global South includes the exchange of resources, technology and knowledge between developing countries, focusing on building infrastructure development, technical assistance and joint ventures and trade facilitation.

Furthermore, development cooperation in the Global South expands technical and financial assistance, strengthens regional trade integration and, expands markets while supporting local value addition and encouraging public-private partnerships.

Emerging economies in the Global South — such as China, India, Brazil, Indonesia and South Africa — are increasingly influential in shaping global trade. Trade and investment among the Global South countries are rising, offering new avenues for development cooperation with huge potential for growth.